American Manganese Inc (CVE:AMY) (OTCMKTS:AMYZF), which is developing a breakthrough lithium-ion battery recycling process, is moving towards realizing a 3 tonne-per-day (tpd) plant to show its commercial potential.
On Friday, the group also said it was in a "solid financial position" to move towards immediate goals, as it raised $731,720 from a warrant exercise.
The firm said it had met with contractor Kemetco Research and requested a preliminary economic assessment (PEA) and design proposal for the demonstration plant.
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Kemetco will also prepare a third US patent application in the first quarter of 2020 to optimize the group's battery recycling opportunity.
American Manganese has also applied for an initial grant from the Canadian Government for the lithium-ion battery recycling research program and says it will meet with Battery Safety Solutions B.V. to finalize the memorandum of understanding (MOU) struck late in 2018.
The pair plan to team up to generate cobalt and manganese concentrates from waste lithium-ion batteries, initially focusing efforts on lithium cobalt oxide, nickel manganese cobalt, nickel cobalt aluminum, and lithium manganese oxide.
In addition, AMY said it expects shortly test results on lithium-ion battery materials from the US Department of Energy National Labs project.
"These are the major milestones as we enter 2020," said Larry Reaugh, chief executive at American Manganese.
"The AMY process is being recognized by major government labs, and key private sector players in the EV Battery markets, even as we continue to build our IP portfolio via the patent process.
"All of this creates momentum as we move toward a 3 tonne per day processing plant that will demonstrate the commercial potential of our process."
The warrant exercise saw the firm issue over 3.65 million shares at C$0.20, receiving total proceeds of $731,720, it said in today's statement.
Shares in Toronto added 5.7% to C$0.18.
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